He files his return of income even if his taxable income is less than Rs.
Whereas, in indirect taxes, the person who pays the tax, shifts the burden to the person who consumes the goods or services. Tax rates vary widely. Alternative taxes[ edit ] Some jurisdictions, particularly the United States and many of its states and Switzerlandimpose the higher of regular income tax or an alternative tax.
Every assessee is a 'person', but every person need not be an 'assessee'.
We want to build income taxes into our framework of the economy, so it would be nice if we could decide on a simpler way to represent the tax code. It consists of three main pillars i. It is safe, but the Interest Income from it is taxable. Withholding for employees is often referred to as "pay as you earn" PAYE or "pay as you go.